The FIREWORKS ARE STARTING! Your GOLD & SILVER Are About To Become "Priceless" - Bob Moriarty
The FIREWORKS ARE STARTING! Your GOLD & SILVER Are About To Become "Priceless" - Bob Moriarty
The rising focus on Silver and platinum over gold mirrors broader macroeconomic trends, including a shift toward industrial metals that facilitate technological advances in renewable energy.
Bob Moriarty is a seasoned investment commentator, author, and founder of 321gold.com, known for his sharp insights into precious metals. Bob expresses that gold is more of an insurance policy than perfect money, with Silver, platinum, and palladium possibly offering better protection. He predicts that once these metals rise, gold shares will follow and eventually outperform. Gold is overbought, but history suggests it can become even more overbought. Meanwhile, Silver made its highest monthly and weekly close in 11 years. That's despite Silver also having a top run over the past 12 months. Back in October 2023, one ounce of Silver would have set you back just over 22 dollars. Today, that same ounce will cost you 31 dollars, or 40% more.
With all factors in play, Bob Moriarty attributes about 90% of the recent rise in gold prices to Chinese buying, with some from Russia. He explains that after the United States imposed sanctions on Chinese banks, Russia began shipping gold to China to evade these restrictions. Citing data from the World Gold Council, the bank says demand for gold has been led by Russia and China, citing "diversification away from dollar-denominated assets, either for macroeconomic or geopolitical reasons ('dollarisation)" as a bullish factor boosting the price.
Regarding the next bull market, Bob predicts it won't be in gold but in Silver, platinum, and other metals, with miners benefiting as well. He expresses that these metals will outperform gold, reaching record highs similar to the explosive growth seen in the 1970s. Gold, with its rise to record highs this year, deserves attention, but so does its sister metal, Silver, which has outperformed the yellow metal so far this year and may be gearing up for a significant rally that lifts prices toward all-time highs.
Highlighting recent financial shifts, Bob Moriarty mentions the sharp rise in the 10-year note from 3.68% to 4.5% within a month, signaling potential trouble. Given its current instability, following Warren Buffett's lead in exiting the stock market is smart. The bond market is growing less convinced by the day that the Federal Reserve will embark on two further interest-rate cuts this year.
Traders are pricing in roughly 20% odds that the Fed will hold rates steady in either November or December. This time last week, even after Friday's blockbuster jobs report, swaps still implied more than 50 basis points of cuts by year-end, likely via consecutive cuts.
A Bloomberg gauge of US bonds is poised for a fourth-straight week of declines, its worst streak since April. Yields on 10-year notes are back above 4%, and the 30-year bond's yield touched 4.42%, the highest level since July 30. Furthermore, Bob predicts the BRICS nations will introduce a resource-backed financial system, leading to the downfall of the US dollar and American economies' downfall.
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